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United States Senator Stockpiles Bitcoin, Says It’s ‘Excellent Store of Value’

Cynthia Lummis, one of the United States senators has publicly acknowledged Bitcoin as an ‘Excellent Store of Value’ as she continuously buys the cryptocurrency.

After purchasing bitcoin worth between $50K and $100K, she averred that cryptocurrency should be in every investment portfolio.

The pro-bitcoin senator from Wyoming, Cynthia Lummis, disclosed her recent bitcoin purchase in a periodic transaction report (PTR) Thursday.

According to the filing, the senator bought BTC worth between $50,001 and $100,000 on Aug. 16. The price of bitcoin was around $45K at that time.

The disclosure was made outside of the 45-day reporting deadline set by the Stop Trading on Congressional Knowledge (STOCK) Act. The Act requires members of Congress to disclose every purchase and sale of individual stocks, bonds, and commodity futures valued over $1,000 within 45 days of the transaction.

A spokesperson at Senator Lummis’ office told CNBC that the disclosure delay was due to “a filing error,” stating:

Once we realized it we worked with the Ethics committee to fix it. It was an honest mistake, and the issue has been resolved without penalty.

Lummis’ bitcoin purchase in August followed her indicating at the end of June that she was going to buy the dip as the price of bitcoin fell below $30K. Commenting on the falling BTC price, she said, “I’m really excited about it because as soon as it drops a little more I’m going to buy some more.”

Senator Lummis is a longtime bitcoin supporter. She previously said that she bought her first BTC in 2013 for $330 and owned five bitcoins as of the end of June.

“I really see it as a great store of value for individuals, for corporations, and for governments,” she commented about bitcoin in February, stating:

I still think it is an excellent store of value and that it should be part of every individual person’s investment portfolio.

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